An online marketplace that was considered a prime candidate to float on the London stock market has hired bankers to carry out a sale.
Sky News has learned that Fruugo, which counts former Marks & Spencer chairman Lord Rose of Monewden among its shareholders, is working with DC Advisory on options for its future.
Fruugo, which helps consumer brands localize themselves when selling to international audiences, was founded in 2006.
An outright sale is considered the most likely outcome, although the sale of a minority stake is also expected to be considered.
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Acquired by its president, Dominic Allonby, in 2012, it employs around 200 people.
On Thursday, the company was due to receive the King’s Award for Enterprise (International Trade) from the Lord Lieutenant of Cumbria, where it is based.
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Fruugo’s valuation on a potential sale is unclear, although it was expected to seek a valuation of several hundred million pounds in 2021 when it examined a listing in London.
It is no longer thought that a fluctuation is in the plans.
Fruugo’s platform hosts thousands of retailers and generated revenue of £65 million in 2022.
Fruugo declined to comment.
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